Quinn Emanuel has hit global insurance broker Jardine Lloyd Thompson with a class action for allegedly charging local councils in NSW hundreds of millions of dollars in excessive premiums over the past nine years, and the firm says there may be more lawsuits on the horizon.
A Queensland ethanol refinery, owned by United Petroleum, has lost a dispute with its insurer Allianz Australia over coverage for damage resulting from a 2016 fire.
Commonwealth Bank of Australia chief Matt Comyn has pointed the finger at his predecessor, Ian Narev, for the bank’s selling of credit insurance to ineligible customers, claiming the former CEO failed to heed advice and stop selling the products.
Bank of Queensland has lost a dispute with two insurers over coverage for a $6 million settlement of a class action brought by investors in a Ponzi scheme by jailed scammer Bradley Sherwin, with a judge shooting down the bank’s argument that the class action should only be considered one claim under the policy.
The Australian Securities and Investments Commission has secured almost $9 million in penalties against Melbourne-based Financial Circle over a scheme to extract advice fees and ongoing commission from borrowers who took out personal loans.
ASIC has successfully opposed a Federal Court judge’s push to appoint an independent referee in its case against AMP Financial Planning over alleged insurance churning.
A Federal Court judge has stayed a $2.6 million award against QBE Insurance (Australia) to cover losses related to the 2014 collapse of steel product manufacturer Independent Tube Mills in 2014.
Westpac is challenging a judge’s order that gives the funder backing a class action over life insurance premiums a 25 percent cut of any recovery.
The High Court of Australia has rejected an appeal of a ruling that found a funeral insurer was liable for the use of a rival’s confidential information by employees and instead granted a cross-appeal that more than doubled the rival’s award of profits.
QBE Insurance (Australia) has been ordered to pay over $2.6 million in compensation to cover losses after a series of mishaps led to the collapse of steel product manufacturer Independent Tube Mills in 2014.